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The Currency Futures Report
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Cable Breaks Out on PMI Report, DX Drop
Tue, Aug 4 2009, 05:42 GMT
by Bob Kozak
British Pound (BPU9):
Cable opened higher at 1.6850 after a better than expected Purchasing Managers Index rose to a 16 month High of 50.8 vs previous month of 47.4. With equity markets higher, traders rotated out of the DX, sending Cable to a mid-day Hi of 1.6986, before trailing lower into the close of 1.6919, up 232 tics. Optimisim could continue to weigh on the DX, but with a BOE rate meeting on Thursday, cautious longs should tighten 'stops' or buy 'puts' to reduce exposure. The s/t trend remains 'positive' w/expensive momentum indicators. A higher open should find Resistance at 1.7039 and 1.7158, while an open below 1.6866 may find Support at 1.6747 and 1.6574.
Dollar Index (DXU9):
Canadian Dollar (CDU9):
Published on Tue, Aug 4 2009, 05:42 GMT
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Thu, Nov 5 2009, 06:30 GMT
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Wed, Nov 4 2009, 15:24 GMT
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Top Fundamental Stories - Europe Ahead: Services Day in Europe by ecPulse.com
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